Please see below for a few informational items for CIRS Participating Employers.
2023 Informational Items
2023 IRS Compensation Limits
- The IRS sets annual limits on the salary that can be used by pension plans such as the CIRS Pension Plan. These limits are applied on a plan year basis (July 1 – June 30). The CIRS Pension Plan already takes these limits into account for all required purposes (benefit amounts, employer contributions, etc.). However, you as the employer, must be aware of these limits as they apply to the employee contributions for Tier II Members under the CIRS Pension Plan. The July 1, 2022 to June 30, 2023 compensation limit is $305,000 which means that the maximum Tier II employee pension contribution is $9,150 for the 2022-2023 Plan Year. These amounts will increase to $330,000 and $9,900 for the 2023-2024 Plan Year.
2023 IRS Pre-Tax Contribution Limits
- The IRS sets annual limits on the amount of pre-tax contribution employees can make to a 401(k) plan. These limits are applicable on a calendar year basis (January 1 – December 31). For 2023, these limits are $22,500 for regular 401(k) pre-tax deferrals and $7,500 for 401(k) pre-tax catch-up contributions.
2023 Employee Contribution Catch-up Form
- Employee contribution elections (pre and post-tax) to the CIRS 401(k) Savings Plan should be made by members through Voya. However, if members wish to elect catch-up contributions, they must complete the attached Catch-up Form and submit to you (the employer). Catch-up contributions are additional pre-tax contributions that members who will be age 50 or older by the last day of the calendar year can make in addition to the IRS regular pre-tax contributions.
Voya eDelivery Flyers
Voya has identified members who are not currently using the edelivery option for communication from Voya. On September 30, 2019, Voya mailed out postcards to encourage this group to take advantage of the e-delivery option and use their online system. The links to flyer versions in English and Spanish of that same postcard to be displayed in your offices are found below.
Please contact our office at 212-674-0101 and ask to speak to a Member Servicers Representative if you have any questions.
2018 Voya Encourage to Save Flyers
Since contribution to the CIRS 401(k) Savings Plan became optional on January 1, 2017, the overwhelming majority of new members are not making 401(k) deferrals. The purpose of these flyers is to stress the benefits of 401(k) participation, please hang them in a location where all employees can view them easily. For members that prefer Spanish, Voya has prepared the enrollment encouragement flyers in Spanish as well as English, and they are located below.
2018 Voya Encourage to Enroll Flyer
2018 Voya Encourage to Enroll Flyer – Spanish
2018 Voya Encourage to Save Mailing
Voya has identified members that never contributed or did in the past but then stopped. On June 7, 2018, Voya mailed out postcards encouraging members to start or restart contributing to their 401(k) plans. The links to the postcards can be found below.
2018 Voya Start Contributions Postcard